Future Market Insights (FMI), a provider of market intelligence and consulting services, serving clients in over 150 countries, has published a report that details the overall demand and growth rate of the automotive radar market. The company has concluded financial and qualitative results across various segments of the automobile industry, companies competing, and countries involved in developing state-of-the-art and future-proof automotive radar products.
The global automotive radar market is expected to reach a valuation of US $15,803.3 Million in 2032, with the demand growing at a prolific CAGR of 13% from 2022 to 2032. In 2022, the target market will reach an estimated value of US $46,14.5 Million. The extensive scope of application along with advancing technological innovation will fuel the growth of the automotive radar market during the forecast period.
The growing concern regarding vehicle safety has spurred the demand for features like cruise control and blind spot detection that can help drivers to avoid collisions. Rising incidences of vehicular accidents and related fatalities also highlight the demand for such features. In addition, governments across the world are implementing stringent traffic and vehicle safety regulations. All of these factors further aid the growth of the automotive radar market during the forecast period.
Moreover, increasing investments in research and development activities to strengthen various aspects of automotive radar will further drive the target market growth. Many key players in the automobile market are keen on developing futuristic radar sensors, which will be equipped with 360-degree surround view, semi-autonomous operation, and sophisticated driver assistance. This is expected to foster a positive environment of growth for the automotive radar market. Again, the emergence of advanced, influential safety technology has resulted in high demand for automotive radar systems as smaller, high frequency devices are now utilized to serve various applications.
"Rising emphasis on vehicle safety along with an advancing automobile sector will likely propel the global growth of the automotive radar market over the forecast period," says an FMI analyst.
Key Takeaways:
- Risks associated with radar-based technology will stunt the target market growth.
- Europe's automotive radar market will account for 25% of the global market share.
- The automotive radar market in North America will grow at a strong CAGR of 15.5%.
- Expanding automobile sales will fuel the target market growth in the Asia Pacific region.
- By 2032, the 77 GHz segment will account for the highest market share.
- Based on type, the short-range radar system will lead the market during the forecast period.
- By application, the forward-collision warning system segment will record the fastest CAGR.
Competitive Landscape
Autoliv, Denso, OmniVision Technologies, Robert Bosch GmbH, Texas Instruments, Valeo Group, ZF TRW, SaberTek, Analog Devices, and Delphi Automotive LLP among others are some of the major players in the automotive radar market profiled in the full version of the report.
Leading market players are focusing on product development and new product releases to increase their sales. These firms are keen on employing tactics like partnerships, collaborations, acquisitions, and mergers to gain a competitive edge.
Segmentation Analysis
According to the latest FMI reports, based on segmentation, the short-range radar segment will likely lead the market during the forecast period. The 77 GHz segment will account for the highest market share by 2032 and the forward-collision warning system application segment will record the fastest CAGR during the assessment period.
Regional Analysis
Based on region, the automotive radar market in the Asia Pacific region will exhibit impressive growth during 2022-2032. Moderate manufacturing costs, surging automotive sales, and emphasis on driving assistance features, which help, prevent accidents drive the market growth in this region. Rising automobile sales in China and India will further aid the automotive radar market growth during the forecast period. In addition to Asia Pacific, Europe and North America will also demonstrate notable growth during the projected period.
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